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Infrastructure project finance in Asia.

by Leung Ada Nga Ting, Tsang Hin Kwok. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1996. / Includes bibliographical references (leaves 96-104). / ABSTRACT --- p.ii / TABLE OF CONTENTS --- p.iii / LIST OF FIGURES --- p.vi / LIST OF APPENDICES --- p.viii / ACKNOWLEDGEMENTS --- p.ix / Chapter / Chapter I. --- INTRODUCTION --- p.1 / Chapter II. --- NEW WORLD DEVELOPMENT CO. LTD --- p.3 / Introduction --- p.3 / Thesis --- p.3 / Company Background --- p.5 / Entrance into the Power/Infrastructure Business --- p.8 / The Spin-off of New World Infrastructure Ltd. (NWIL) --- p.9 / The Group's Strategy On Its Infrastructure Investments --- p.13 / Major Dates / Events --- p.14 / Analysis --- p.17 / New World's Project-Financing Structure --- p.17 / "Possible Reasons Underlying The ""Suboptimal"" Project-Financing Structure" --- p.19 / Strong Financial Affordability --- p.20 / Lack Of Access To External Project Debt Financing --- p.20 / Policy Not Welcome Use Of External Debt --- p.22 / The Structure Is Really Not So Suboptimal After All --- p.23 / Infrastructure Development As Only A Chinese Investment Vehicle --- p.24 / A Very Unique Set Of Arrangements At The Project Level --- p.34 / Extension Of Joint Venture Terms --- p.35 / PRC Joint Venture Partner Directly Bears The Losses Suffered By The Group --- p.35 / Renegotiation Of Revenue Terms To Ensure Repayment Schedule --- p.36 / Priority & Guaranteed Repayment Schedule On New World's Principal And Interest Payments --- p.36 / Limited Or No Responsibilities For Cost Overruns Or Delays --- p.39 / Guaranteed Minimum Revenues --- p.40 / Market Interpretations Of New World's Infrastructure Venture --- p.41 / Conclusions --- p.43 / A Final Assessment --- p.44 / Concluding Words --- p.45 / Chapter III. --- HUANENG POWER INTERNATIONAL INC --- p.47 / Introduction --- p.47 / Thesis --- p.47 / Company Background --- p.48 / HIPDC --- p.48 / The Formation of HPI --- p.48 / The Reorganization of HPI --- p.50 / Asset Transfer --- p.51 / Debt Transfer --- p.51 / Combined Offering (IPO) --- p.52 / Post-Offering Ownership --- p.53 / Major Events --- p.55 / Analysis --- p.57 / The New Tariff Setting Regulatory Policy And Its Advantages --- p.57 / Old Tariff Structure --- p.57 / New Tariff Structure --- p.58 / Tariff Rate Tied Into The Net Fixed Assets --- p.59 / The Result Of The NFA-Tied Rate Calculation --- p.61 / Other Features Of The Pricing Policy Include The Following: --- p.62 / A Capital Structure That Reduces Risk --- p.62 / Reviewing The Performance of HPI --- p.65 / An Analysis of The Performance of HPI's Stock Price --- p.65 / No Dividends Policy --- p.65 / Lack Of Confidence In The Chinese Government --- p.65 / Environmental Factors --- p.66 / Financing Good News --- p.66 / Downward Revisions In Earnings Forecasts --- p.67 / Conclusions --- p.68 / Concluding Words --- p.69 / Chapter IV. --- "SUMMARY, CONCLUSIONS AND RECOMMENDATIONS" --- p.70 / APPENDICES --- p.73 / BIBLIOGRAPHY --- p.95

Identiferoai:union.ndltd.org:cuhk.edu.hk/oai:cuhk-dr:cuhk_320796
Date January 1996
ContributorsLeung, Ada Nga Ting., Tsang, Hin Kwok., Chinese University of Hong Kong Graduate School. Division of Business Administration.
PublisherChinese University of Hong Kong
Source SetsThe Chinese University of Hong Kong
LanguageEnglish
Detected LanguageEnglish
TypeText, bibliography
Formatprint, ix, 104 leaves : ill. ; 30 cm.
CoverageAsia, Asia
RightsUse of this resource is governed by the terms and conditions of the Creative Commons “Attribution-NonCommercial-NoDerivatives 4.0 International” License (http://creativecommons.org/licenses/by-nc-nd/4.0/)

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